Investing.com - Natural gas futures ended Friday's session close to the lowest level in more than a week amid speculation the end of the winter heating season will bring warmer temperatures throughout the U.S. and cut into demand for the fuel.
On the New York Mercantile Exchange, natural gas for delivery in May hit a daily low of $2.518 per million British thermal units on Friday, the weakest level since April 15, before closing at $2.531, little changed for the day.
Futures were likely to find support at $2.490 per million British thermal units, the low from April 15, and resistance at $2.605, the high from April 23.
For the week, the May natural gas contract lost 6.1 cents, or 3.91%, as forecasts for near-normal temperatures over the ten days dampened demand for the fuel.
Spring usually sees the weakest demand for natural gas in the U.S, as the absence of extreme temperatures curbs demand for heating and air conditioning.
The heating season from November through March is the peak demand period for U.S. gas consumption. Approximately 49% of U.S. households use natural gas for heating, according to the Energy Department.
The U.S. Energy Information Administration said in its weekly report on Thursday that natural gas storage in the U.S. rose by 90 billion cubic feet last week, above expectations for an increase of 88 billion and following a build of 63 billion cubic feet in the preceding week.
Supplies rose by 45 billion cubic feet in the same week last year, while the five-year average change is an increase of 46 billion cubic feet.
Total U.S. natural gas storage stood at 1.629 trillion cubic feet as of last week, 83.0% above year-ago levels.
The EIA's next storage report slated for release on Thursday, April 30 is expected to show a build of approximately 80 billion cubic feet for the week ending April 24.
Supplies rose by 77 billion cubic feet in the same week last year, while the five-year average change is an increase of 55 billion cubic feet.
Elsewhere on the Nymex, crude oil for June delivery settled at $57.15 a barrel by close of trade on Friday, down 60 cents, or 0.3%, on the week, while heating oil for May delivery rallied 2.44% on the week to settle at $1.928 per gallon.